Xero and electronic payment processing options (PayPal, Stripe, IntegraPay, Square, Plooto)

by | May 2, 2019 | Blog, Guides | 0 comments

Xero and electronic payment processing options

For clients that will use invoices as the primary method of billing, there are quite a few options for that are better than “the check is in the mail” (spoiler alert, it never is). All of the payment processors below will work with Xero to varying degrees and only IntegraPay offers a solid balance between easy to use, price, and functionality.

Stripe – International payment processing company that uses Wells Fargo as a gateway. Stripe is easy to use, sync’s with Xero, and works best when invoices are sent out and expected to be paid through the “Pay Now” button via credit card or ACH. Stripe offers the standard next day deposit on debit/credit collections at the standard rate of about 3% fee. ACH transactions take 5 business days and cost a maximum of $5 per ACH. No monthly fees and easy to set up. A major drawback is the inability to schedule payments based on dates and a little goofy to customize some other functions.

Paypal – We recommend getting a PayPal that is linked to your business account and only using it as a last resort. PayPal does not work well with any accounting platforms and has terrible website navigation. Have it, but as a last resort. Other than Stripe, best for international transactions.

Square – Best for retail point of sale or Ecommerce checkouts. Square does not play well with any accounting platforms, although they do offer better rates and cheap credit card processing hardware. The company’s CEO is tied very closely with the platform and its survival might depend on the CEO being replaced. No monthly fees for invoicing and payment processing, but lacks substantial and useful integrations with other software. Square is currently losing its market dominance due to the lack of development and integrations with other software.

IntegraPay – Our favorite and most recommended payment processing platform. The monthly fee is low (under $50) and the ACH transaction cost is $0.65 per transaction. Credit/debit processing costs are comparable to Stripe and Square. IntegraPay integrates fully with Xero and offers a solid, simple subscription/retainer payment process. IntegraPay does require a credit check and they may place some restrictions on the transaction dollar amounts or deposit window. However, the best part of IntegraPay is that the payments are deposited as gross amounts and fees are collected monthly at the end of the month, which is why there is a credit check. If your customers/clients will accept the ACH payment offering, IntegraPay excels at ACH processing and makes it easy for everyone involved. If you have a mix of credit and ACH payments, IntegraPay will cost about 40-60% less in fees than Stripe.

Other options are Plooto, Bill.com, and Authorize.net. Of those three, Bill.com is an amazing platform at a little higher cost but does not really make sense to use for invoicing only. If your company was going to have a lot of bills to pay and overhead costs to manage, then Bill.com would be the best choice. Something to consider as your company grows and you have an employee or two.

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Tina Simmons
Tina Simmons
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Gary and his team have been fantastic for me and my business. They respond well to all my questions, are very helpful and of course keep my financials in order. Highly recommended.read more
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Queen City Newborn Care
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I was drowning before I met Justin. He totally transformed how I run my small business and has gotten me organized in ways I didn't even know were possible. I am so grateful for his advice and suggestions! This company is worth every penny.read more
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Dennis Bloomberg
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Unfortunately, I found GMP when my mother passed. She had a trust set up and I had no experience with one. I received excellent advice prior to filing taxes, that allow for the transfer of assets with little tax implication. The tax process was simple for me, Justin took over once he had details and cleared up all question from filing our taxes. Thank you for a job well done!read more
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Natalie Knight
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Prusiensky CPA is up to date on technology. They handcraft a platform that works best for your company's accounting services. We really appreciate how hands on and quick their team is when replaying to any type of correspondence. Simply put, they care and want your company to succeed.read more
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Ashlyn Lelej
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Bobby Nguyen
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My partner and I started our very first small business last year. Justin has been a blessing to us. Being new at all of this, we didn’t understand much of how business taxes work. Justin explained and answer all of questions that we have. He took care of everything for us throughout the year and have made life so much easier for us. I couldn’t have asked for a better CPA. Highly recommended!read more
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